Sam Bankman-Fried, CEO of crypto exchange FTX, has questioned Bitcoin’s ability to become a popular payment system due to the inefficiency and high environmental costs of its blockchain, the Financial Times has learned.
He has pointed to the lack of the ability to scale the network “to millions of transactions” per second. Bankman-Fried is convinced that Proof-of-Stake (PoS) or other technological innovations will be required to create a functional crypto payment network. He has explained:
“Blockchain must be extremely efficient, lightweight and have low energy costs. PoS has it. We should not scale bitcoin to such an extent that the electricity consumption of miners has increased a hundred times.”
The FTX CEO has emphasized BTC can remain in the status of an asset, an exchange commodity and a store of value.